Welcome!

News Feed Item

Oak Valley Bancorp: Notification of Untimely Form 8-K Filing

OAKDALE, CA -- (Marketwired) -- 05/20/14 -- Oak Valley Bancorp (NASDAQ: OVLY) inadvertently failed to timely file a Form 8-K for the press release dated April 18, 2014 related to its operating results for the quarter ended March 31, 2014. This press release serves solely as notification of the Form 8-K late filing and there are no revisions to the operating results that were presented in the press release dated April 18, 2014, which is included below.

Oak Valley Bancorp Reports 1st Quarter Results

OAKDALE, CA -- Oak Valley Bancorp (NASDAQ: OVLY), the bank holding company for Oak Valley Community Bank and Eastern Sierra Community Bank, recently reported consolidated financial results. For the three months ended March 31, 2014 consolidated net income available to common shareholders was $1,408,000, or $0.18 per diluted common share. This compared to consolidated net income of $1,300,000 and net income available to common shareholders of $1,232,000, or $0.16 per diluted common share for the same period a year ago.

Total assets were $687.6 million at March 31, 2014, an increase of $39.2 million, or 6.0%, over March 31, 2013. Gross loans increased by $32.5 million to $422.5 million as of March 31, 2014, an increase of 8.3% over March 31, 2013. The Bank's total deposits were $616.0 million as of March 31, 2014, an increase of $35.8 million, or 6.2% over March 31, 2013.

Net interest income for the three months ended March 31, 2014 was $6.1 million, an increase of $255,000, or 4.4% over net interest income of $5.8 million for the same period last year. The net interest margin for the three months ended March 31, 2014 was 4.04%, compared to 4.05% for the same period last year.

"We are pleased to report another strong quarter of earnings and are excited about the momentum we've maintained with regard to lending activity following the strong finish in 2013. Our confidence in the growth potential and future opportunities in the communities we serve grows stronger every day," stated Chris Courtney, President and CEO.

Non-interest expense for the quarter ended March 31, 2014 totaled $4.9 million, an increase of $242,000 or 5.2% over the same period of 2013. This was due in part to a modest increase in salaries and benefits, as full time equivalent staffing rose from 134 employees to 142, as of March 31, 2014 compared to March 31, 2013, as we added staff to support continued deposit and loan growth. Deposit servicing costs related to year-over-year increases in deposit accounts and corresponding transaction volume also contributed to the increase in non-interest expense. Non-interest income increased by $25,000 or 3.2% during the first quarter as compared to prior year, primarily due to service charge income from the increased volume of deposit accounts.

As of March 31, 2014 non-performing assets were $6.2 million or 0.90% of total assets, compared to $6.4 million or 0.99% of total assets as of March 31, 2013. There was no provision for loan losses during the three months ended March 31, 2014, compared to $100,000 during the same period last year. The allowance for loan losses totaled 1.80% of gross loans at March 31, 2014 compared to 1.99% at March 31, 2013.

The Company currently operates through 14 branches in Oakdale, Sonora, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop.

For more information, please call 1-866-844-7500 or visit www.ovcb.com.

This press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

                             Oak Valley Bancorp
                      Financial Highlights (unaudited)

($ in thousands,
 except per
 share)
Selected             1st         4th         3rd         2nd         1st
 Quarterly         Quarter     Quarter     Quarter     Quarter     Quarter
 Operating Data:    2014        2013        2013        2013        2013

  Net interest
   income        $    6,104  $    6,372  $    6,030  $    6,024  $    5,849
  Provision for
   loan losses            -           -         100         100         100
  Non-interest
   income               810         812         866         818         785
  Non-interest
   expense            4,881       4,668       4,619       4,734       4,639
  Net income
   before income
   taxes              2,033       2,516       2,177       2,008       1,895
  Provision for
   income taxes         625         809         672         634         595
                 ----------  ----------  ----------  ----------  ----------
  Net income          1,408       1,707       1,505       1,374       1,300
  Preferred
   stock
   dividends              -           -           -           -          68
                 ----------  ----------  ----------  ----------  ----------
  Net income
   available to
   common
   shareholders  $    1,408  $    1,707  $    1,505  $    1,374  $    1,232
                 ==========  ==========  ==========  ==========  ==========

  Earnings per
   common share
   - basic       $     0.18  $     0.22  $     0.19  $     0.18  $     0.16
  Earnings per
   common share
   - diluted     $     0.18  $     0.22  $     0.19  $     0.18  $     0.16
  Dividends paid
   per common
   share         $     0.10  $        -           -           -           -
  Return on
   average
   common equity       8.59%      10.47%       9.45%       8.48%       7.82%
  Return on
   average
   assets              0.84%       1.01%       0.92%       0.86%       0.81%
  Net interest
   margin (1)          4.04%       4.19%       4.12%       4.18%       4.05%
  Efficiency
   ratio (2)          68.29%      63.05%      64.65%      67.17%      67.95%

Capital - Period
 End
  Book value per
   common share  $     8.40  $     8.14  $     7.99  $     8.01  $     8.10

Credit Quality -
 Period End
  Nonperforming
   assets/ total
   assets              0.90%       0.48%       0.68%       0.65%       0.99%
  Loan loss
   reserve/
   gross loans         1.80%       1.83%       1.85%       1.94%       1.99%

Period End
 Balance Sheet
($ in thousands)
  Total assets   $  687,591  $  671,853  $  659,192  $  644,230  $  648,418
  Gross loans       422,510     419,438     413,856     390,647     389,992
  Nonperforming
   assets             6,164       3,256       4,495       4,189       6,439
  Allowance for
   loan losses        7,615       7,659       7,669       7,570       7,743
  Deposits          615,997     602,633     591,642     577,129     580,215
  Common equity      67,824      64,517      63,379      63,457      64,098

Non-Financial
 Data
  Full-time
   equivalent
   staff                142         136         135         134         134
  Number of
   banking
   offices               14          14          14          14          14

Common Shares
 outstanding
  Period end      8,071,355   7,929,730   7,929,730   7,924,730   7,914,730
  Period average
   - basic        7,878,152   7,803,247   7,802,705   7,802,012   7,778,333
  Period average
   - diluted      7,941,456   7,859,380   7,851,157   7,842,964   7,830,439

Market Ratios
  Stock Price    $     9.41  $     8.37  $     7.96  $     7.67  $     8.14
  Price/Earnings      12.98        9.64       10.40       10.86       12.67
  Price/Book           1.12        1.03        1.00        0.96        1.01

(1) Ratio computed on a fully tax equivalent basis using a marginal federal
 tax rate of 34%.
(2) Ratio computed on a fully tax equivalent basis using a marginal federal
 tax rate of 34%, and a marginal federal/state combined tax rate of 41.15%
 for applicable revenue.

Contact:
Chris Courtney/Rick McCarty
Phone: (209) 848-2265
www.ovcb.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a mu...
Trying to improve density, lower costs and run applications faster than before? Today, enterprises looking for a secure cloud strategy are increasingly turning to container-based Platform as a Service solutions for on-premises hosted DevOps. In her session at 21st Cloud Expo, Alise Cashman Spence, Offering Manager, Power Systems Cloud Solutions at IBM, will discuss the driving factors behind these cloud trends and how IBM customers are realizing exceptional performance, security and control for ...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
"NetApp's vision is how we help organizations manage data - delivering the right data in the right place, in the right time, to the people who need it, and doing it agnostic to what the platform is," explained Josh Atwell, Developer Advocate for NetApp, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
What You Need to Know You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technolog...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...